Manchester City will take part in next season's UEFA Cup after securing qualification via the Fair Play table.
Last week, UEFA revealed the Premier League would benefit from an additional place in Europe with City and Fulham leading the race heading into the final week of the season.
"It's like the dream came true," a delighted Eriksson told the club's official website. "Our dream to play in Europe has been strong all season.
"At one point we thought we were almost sure to get there, at other points we've been almost out of it, but now this news is absolutely fantastic for the club, for the fans and for everyone.
"It's a step in the right direction because the target for this club in the future is to play in the Champions League, and the UEFA Cup is a very good school to learn about European football."
However despite the surprise qualification, it remains uncertain whether Eriksson will remain at the helm.
The Swede is expected to be replaced in the Eastlands hot-seat after just one season following his failure to live up to the high demands placed on him by owner Thaksin Shinawatra.